World’s Largest Development Banks Raise $81Bln to Tackle Climate Change

Climate Change

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Six of the world’s largest multilateral development banks (MDBs) rounded up $81 billion last year to finance climate change action, their joint report released Tuesday showed.

“In 2015, the MDBs collectively committed more than USD 25 billion in climate finance,” the report worked out by the Asian Development Bank (ADB) together with African, European, Inter-American banks and the World Bank Group revealed.

Further $56 billion were contributed to MDBs’ projects by other investors, the Manila-based lender said. The banks have cumulatively financed over $131 billion in climate action since 2011.

The largest share of total funding went to non-EU countries in Europe and Central Asia, followed by South Asia and Latin America. Over $20 billion in MDBs financing was spent on the mitigation of adverse climate change impact.

The lenders pledged to increase their contribution to efforts of reducing greenhouse emissions and promoting clean energy ahead of the historic UN Climate Change Conference in Paris in November — December 2015.

Source: sputniknews